The Reserve Bank of Australia (RBA) has promoted Penelope Smith to the role of head of international department within the bank’s financial markets group.
Dr Smith has been with the RBA since 2009 and most recently served as deputy secretary. Her previous roles have included deputy head of the financial stability department and head of the household and national accounts section in the economic analysis department.
Her appointment follows the secondment of former head of international department Alexandra Heath to the Commonwealth Treasury.
The RBA explained that the international department is responsible for its foreign exchange operations, investment of international reserve holdings of gold and foreign exchange, and the provision of regular advice on developments in international financial markets.
It is also responsible for maintaining the RBA’s relations with a range of major international institutions.
Additionally, the RBA announced the promotion of Andrea Brischetto to head of financial stability department in the financial system group from her previous role as deputy head of the domestic markets department.
Ms Brischetto originally joined the central bank in 2012 and was previously deputy secretary, deputy head of the economic analysis department, and senior manager of the financial markets group.
This appointment comes after the transfer of Jonathan Kearns, the previous head of financial stability department, to head of domestic markets in the RBA’s financial markets group.
According to the RBA, the financial stability department analyses the implications of developments in the macroeconomy, financial markets and the financial sector overall on the stability of the financial system.
The RBA confirmed that the resulting vacancies would be advertised in due course.
In June, Bradley Jones was named as the new assistant governor of the financial system group. The appointment filled the role previously held by Michele Bullock, who was appointed as the first ever female deputy governor in the RBA’s 62-year history back in April.
